Siemens Healthcare, Pfizer Collaborate

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Siemens Healthcare Diagnostics Inc., a division of Siemens AG (SI) recently entered into an agreement with pharmaceutical company Pfizer Inc. (PFE) to design, develop and commercialize diagnostic tests for therapeutic products across Pfizer’s pipeline.

Under the agreement, Siemens will be one of Pfizer’s collaborators to develop and provide in vitro diagnostic tests for use in clinical studies. Siemens will provide clinical diagnostic solutions for hospital and reference laboratories to enable diagnostics development. Focused on advancing personalized medicine, the Siemens Clinical Laboratory will develop companion diagnostic tests under the master agreement.

This is a win-win situation for both the companies. By teaming up with Pfizer, Siemens is likely to achieve the goal of developing innovative solutions for better patient care and thus shape the future of diagnostic medicine in a much more effective manner. On the other hand, the agreement enhances Pfizer’s commitment to develop new precision medicines to address clinical needs and strengthens its market position.
Siemens Healthcare is one of the leading solutions providers to the medical industry, with products ranging from hearing instruments, diagnostic imaging systems, therapy equipment, and intensive care units to clinical and administrative IT solutions

Siemens, the parent company, is a German industrial conglomerate with interests in information services, automation and controls, medical equipment, power generation, transportation systems, automotive electronics, and lighting.

Siemens currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Daktronics Inc. (DAKT) and Garmin Ltd. (GRMN), both carrying a Zacks Rank #2 (Buy).

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